First Bank of Alaska: Diverse Accounts for Alaskans’ Banking Needs

Open a First Bank of Alaska checking account with a minimum deposit of $1. 

For a regional bank, First Bank of Alaska has a full array of products featuring four checking accounts and three savings accounts. Savings accounts are geared toward everyday savings, young savers and those who carry high balances. Because of its offerings, GOBankingRates named it one of the Best Banks in Alaska for 2025.

First Bank of Alaska serves the southeast region of Alaska. The bank has nine branches in six cities. Although a regional bank, First Bank of Alaska offers checking, savings, money market accounts and time deposits. The bank also offers car, boat, RV, commercial real estate and equipment loans. 

First Bank of Alaska Checking Accounts

There are four options for checking accounts at First Bank of Alaska: Anytime Checking, Anytime Student Checking, Income Checking and Value Checking.

• Anytime and Anytime Student Checking require a minimum of $1 deposit.
• Income and Value Checking require a $200 minimum deposit.
• The only account that doesn’t have a monthly service fee is the Anytime Student Checking account. 
• Anytime Checking is an all-electronic checking account where you can write up to 6 checks per month.
• Value Checking has a monthly service fee of $8 that can be waived by meeting set balances or age restrictions.
• Income Checking earns interest and comes with unlimited check writing and a debit card.

First Bank of Alaska Checking Account

Start Banking

Best For

Banking in Alaska

Mobile App

Credit Cards

Loan Options

Low Monthly Fees

Open Some Accounts With Just $1

First Bank of Alaska offers flexible checking options, including electronic and traditional accounts. Enjoy low opening deposits and the opportunity to earn interest with Income Checking.

Fees

$0 to $10 monthly

APY

Up to

Min Opening

$1 to $200

Pros

• A variety of checking options
• The minimum deposit on Anytime and Anytime Student Checking is low
• Income Checking allows you to earn interest

Cons

• Limited check writing on electronic checking accounts
• Some accounts have higher balance requirements to waive fees
• Monthly service fee unless specific criteria are met 

Quick Take

First Bank of Alaska has electronic and traditional checking accounts with perks and the ability to earn interest. Some checking accounts require a valid email address.

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First Bank of Alaska Savings Accounts

First Premium Savings, Minor First Premium Savings and Peak Savings are the savings accounts offered at First Bank of Alaska.

• First Premium Savings requires a $100 minimum deposit.
• Minor First Premium Savings requires a $50 minimum deposit.
• Peak Savings requires a $15,000 minimum deposit to open. 
• First Premium Savings has a monthly maintenance fee of $4 but can be waived if you maintain a $500 daily balance, a $2,500 daily balance in related deposit accounts or if the account holder is aged 63 or older.
• Peak Savings can be open only if you have an active First Bank of Alaska checking account.
• Savings rates are based on balances and go up to .

First Bank of Alaska Savings Account

Start Banking

Best For

Banking in Alaska

Mobile App

Credit Cards

Loan Options

Low Monthly Fees

Tiered Interest Rates

First Bank of Alaska provides a range of savings options, from low-deposit accounts for kids to premium accounts for higher balances.

Fees

$0 to $15 monthly

APY

Up to

Min Opening

$50 to $15,000

Pros

• A variety of savings account options
• An account that encourages kids to save
• Low minimum deposit for some accounts

Cons

• For Peak Savings, you must have an active personal checking account 
• Monthly fee on some accounts if monthly minimum balance isn’t met
• High balance requirements 

Quick Take

First Bank of Alaska offers various savings options for financial profiles. Kids are encouraged to save with Minor First Premium Savings, while adults with higher balances can look to Peak Savings. First Premium Savings is a standard account that helps everyday savers with funds.

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First Bank of Alaska Money Market Accounts

First Bank of Alaska has one money market account that requires a $2,500 minimum deposit. The account can be used for overdraft protection.

• The account has tiered rates between and .
• A minimum monthly fee of $10 can be waived by keeping a $2,500 minimum daily balance or a $5,000 minimum daily balance in related deposit accounts. 
• Unlimited in-person withdrawals.
• Check writing privileges.
• The higher the balance, the higher the interest rate.

First Bank of Alaska Money Market Account

Start Banking

Best For

Banking in Alaska

Mobile App

Credit Cards

Loan Options

Low Monthly Fees

Competitive Rates

First Bank of Alaska’s Money Market account offers tiered interest rates and flexible access to funds. Ideal for those who can meet the $2,500 minimum balance requirement to waive fees.

Fees

$10 monthly

APY

Up to

Min Opening

$2,500

Pros

• Flexible access to funds
• Overdraft protection capabilities
• Offers better rates than standard savings accounts

Cons

• High minimum deposit
• Minimum balance requirement of $2,500 is high
• Fee of $10 if you cannot maintain a minimum balance  

Quick Take

First Bank of Alaska’s Money Market account has APYs that are more competitive than a standard savings account. But some may find the $2,500 minimum deposit too expensive to open an account.

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Banking Experience

First Bank of Alaska is the local bank of Southeast Alaska. The bank blends traditional banking and a digital platform. First Bank of Alaska has several financial products, including personal accounts, business accounts and loans. The bank also offers time deposits. 

Better Business Bureau gives First Bank of Alaska an A- rating. There is a record on BBB that First Bank of Alaska failed to respond to one complaint. 

Customer Service

You can contact customer service Monday through Friday, 9:30 a.m. to 5:30 p.m. at 1-800-478-6101. You can also visit a branch in person. 

First Bank of Alaska has an Apple Store ranking of 4.7 out of 5 stars. Google Play rates First Bank of Alaska 4.3 out of 5 stars. 

Comparable Banking Options

Here’s how First Bank of Alaska compares to other financial institutions.

Checking

Savings

SELECTED BANK

First Bank of Alaska Checking Account

Start Banking

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Checking Account

Read Review

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo Everyday Checking Account

Read Review

Fees

Fees

Fees

$0 to $10 monthly

$0

$5 to $35 waivable monthly fee

APY

APY

APY

Up to

Up to

Min Opening

Min Opening

Min Opening

$1 to $200

$0

$25

SELECTED BANK

First Bank of Alaska Savings Account

Start Banking

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank Savings Account 

Read Review

MOST COMPARABLE

Wells Fargo Savings Account

Read Review

Fees

Fees

Fees

$0 to $15 monthly

$0

Up to $12 monthly service fee – can be waived

APY

APY

APY

Up to

Up to for Platinum Savings accounts

Min Opening

Min Opening

Min Opening

$50 to $15,000

$0

$25

First Bank of Alaska vs. Wells Fargo

Wells Fargo has a nationwide presence with 5,600 branches and over 11,000 ATMs. Wells Fargo also offers a checking account with a bonus for first-time account holders. 

FIrst Bank of Alaska is a regional bank located in Alaska. The bank offers personal and business checking, as well as loan products. The bank doesn’t offer any promotions regarding checking accounts and lacks Wells Fargo’s presence nationwide.

First Bank of Alaska vs. Ally Bank

Ally Bank is a fully online bank offering a competitive, high-yield savings account with a APY. This APY is higher than the rate offered by First Bank of Alaska. Also, Ally Bank has over 70,000 ATMs across the country. 

If you prefer to bank in person and live in Alaska, First Bank of Alaska is likely a better fit. Ally Bank caters to those who prefer online banking and want competitive rates on financial products.

First Bank of Alaska vs. Western Alliance 

Western Alliance Bank is a regional bank that centers on commercial banking and offers a savings account with a minimum deposit of $500 and an APY of . This savings account has no monthly maintenance fee. 

First Bank of Alaska has commercial loans as a part of its banking services, but it is more focused on personal banking. If you’re looking for services tailored to services within Alaska, First Bank of Alaska is a better choice.

Final Take 

First Bank of Alaska has a wide range of financial products, including personal and business banking. The bank also offers loans on mortgages, boats and vehicles. Loans also include commercial real estate and equipment loans. 

There is a wide variety of checking accounts, including two fully electronic checking accounts. The savings accounts are geared toward young savers and those with high balances. You can open a money market account or make a time deposit for additional savings. 

To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024.

To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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